The Freedmen's Savings Bank

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Monograph

Identifikator:: 175265076X

URN:: urn:nbn:de:zbw-retromon-129631

Document type:: Monograph

Author:: Fleming, Walter Lynwood http://d-nb.info/gnd/120660560X

Title:: The Freedmen's Savings Bank

Place of publication:: Chapel Hill

Publisher:: Univ. of North Carolina Press

Year of publication:: 1927

Scope:: x, 170 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V. Mismanagement and other troubles

Collection:: Economics Books

MISMANAGEMENT AND OTHER TROUBLES 61 or its depositors. Most of the inefficient officials, it seems, were Negroes; most of the dishonest ones were white. There was a belief, often ex- pressed after the failure of the bank, that when a white cashier had embezzled the funds and involved the accounts of a branch, a Negro offi- cial would be put in his place to serve as a scapegoat when exposure came. The white clergymen who were cashiers proved to be quite unable to withstand the temptations offered by the presence of the cash in the vaults. Purvis, one of the trustees, afterwards asserted, “The cashiers at most of the branches were a set of scoundrels and thieves—and made no bones about it—but they were all pious men, and some of them were ministers. The cashier at Jackson- ville was a minister and today he has a large Sunday school; almost all of them are ministers.” Cashier Hamilton at Lexington, Kentucky, a graduate of Oberlin, was also a preacher and a Sunday school superintendent. He did not steal from the bank itself, but from the depositors by drawing out on forged checks the money of those who seldom came in with their pass books. Several of the cashiers endeavored to build up a banking business for whites as well as for blacks, planning ultimately to turn their branch banks into regular banks, state or national. Charges were made that Rev. Philip D. Cory, cashier at Atlanta, discouraged Negro depositors in order to secure white ones; that he wanted a “white man’s” bank. On this account the Ne- groes were opposed to him and the Atlanta branch did not thrive. Finally, in 1874, he was

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